|
Account Name |
1 Year Fixed Term Deposit Account |
Interest Rates
(AERs) |
Deposits made during the offer period will earn
a variable rate of interest at the Bank of
England base rate, until the actual start date
of the fixed term (shown above), when the fixed
interest rate will begin. The interest for the
variable rate period will be added to your
original investment at the start of the fixed
rate period, and will be paid net or gross
depending on tax status. After the start date
the interest rate is fixed (currently 2.35%
Gross/AER) until the maturity date shown
above. |
|
Tax Status |
Interest is paid net of basic rate income tax
(currently 20%) but may be paid gross if the
appropriate HM Revenue and Customs scheme
reference number is supplied. Interest will be
paid gross on all deposits of £50,000 and over.
As these would be classed as Qualifying Time
Deposits by HM Revenue and Customs, it is your
responsibility to declare interest received to
them. |
|
Conditions for Bonus Payment |
No bonus payment applies to this account |
|
Withdrawal Arrangements |
Your money is deposited for a fixed term. No
partial withdrawals allowed. Early access to
funds is permitted on account closure, when the
whole balance of the Fixed Term Deposit Account
will be repaid without interest. |
|
Access |
Access normally only at the end of the agreed
term. Scottish Widows will write to you before the account
matures to ask what you'd like them to do with
your money |
